LIBERTY INVESTMENT TRUST LTD
No 5, President John Kennedy Street, Port Louis
Interim Report for the six months ended 31 March, 2007
Six months  Audited Six months  Six months  Audited Six months 
INCOME STATEMENT 31.03.07 Yr 30.09.06 31.03.06 CASH  FLOW  STATEMENT   31.03.07 Yr 30.09.06 31.03.06
Rs 000 Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
OPERATING ACTIVITIES
Investment Income 1,887 7,300 2,642 Cash generated from operations 5,024 4,438 90
Realised gain on disposal of Tax paid - (148) -
  available-for-sale securities 3,821 26,668 6,575 Net cash generated from operating activities 5,024 4,290 90
Rental Income 321            513 205 INVESTING ACTIVITIES
Proceeds on maturity of Treasury Bills            1,500           1,500        1,683
Gain/(Loss) on exchange 197 (831) (547) Purchase of investment in securities (33,674) (33,576) (22,795)
Proceeds on disposal of investment in securities 5,629 56,345 12,833
Expenditure (1,998) (2,961) (1,723) Net cash (used in)/generated from investing activities (26,545) 24,269 (8,279)
Profit before tax 4,228 30,689 7,152 FINANCING ACTIVITY
Dividends paid (6,825) (6,300) (6,300)
Income tax (42) (11) (27)
(Decrease)/Increase in cash and cash equivalents (28,346) 22,260 (14,489)
Net profit 4,186 30,678 7,125
MOVEMENT IN CASH AND CASH EQUIVALENTS
At October 1, 38,252 15,992 15,992
(Decrease)/Increase (28,346) 22,260 (14,489)
Six months  Audited Six months  At March 31, /September 30,  9,906 38,252 1,503
BALANCE SHEET 31.03.07 Yr 30.09.06 31.03.06
Rs 000 Rs 000 Rs 000
ASSETS EMPLOYED
Non-Current Assets STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 
Investment property                     -                  - 7,481
Investment in securities  195,928 139,558 164,785 SHARE SHARE FAIR VALUE RETAINED 
195,928 139,558 172,266 CAPITAL PREMIUM & OTHER EARNINGS TOTAL
RESERVES
Current Assets Rs 000 Rs 000 Rs 000 Rs 000 Rs 000
Investment in securities                      -         1,486 1,438 Balance at October  1, 2006 52,500 2,384 43,619 85,304 183,807
Trade and other receivables 54         4,860 240 Increase in fair value                 -                -          29,348                    - 29,348
Bank balances 9,906 38,252 1,503 Release to income statement                 -                - (4,138)                    - (4,138)
9,960 44,598 3,181 Exchange differences                 -                - (707)                    - (707)
Profit for the period                 -                -                     -           4,186 4,186
Non-current asset classified as held for sale 7,481 7,481                     - Balance at March 31, 2007 52,500 2,384 68,122 89,490 212,496
Total Assets 213,369 191,637 175,447
Balance at October  1, 2005 52,500 2,384 50,710 61,452 167,046
EQUITY AND LIABILITIES Increase in fair value                 -                -            6,755                    - 6,755
Capital and Reserves Release to income statement                 -                - (6,724)                    - (6,724)
Share capital 52,500 52,500 52,500 Exchange differences                 -                - 269                    - 269
Share premium 2,384 2,384 2,384 Profit for the period                 -                -                     -           7,125 7,125
Fair value reserves 68,122 43,619 51,010 Balance at March 31, 2006 52,500 2,384 51,010 68,577 174,471
Retained earnings 89,490 85,304 68,577
Shareholders' interest 212,496 183,807 174,471
Current Liabilities
Trade and other payables 828 994 801
Current tax liabilities 45 11 175
Proposed Dividend                     - 6,825                     -
873 7,830 976
Total Equity and Liabilities 213,369 191,637 175,447
STATISTICS            
Earnings per share (Rs.)   0.80 5.84 1.36
Number of shares in issue 5,250,000 5,250,000 5,250,000
Dividends per share - Interim & Final (Rs.)                   -   1.30                   -  
Net Asset Value per share (NAV) (Rs.)   40.48   35.01   33.23
Text Box: NOTES 1. The financial information set out above for the six months ended March 31, 2007 is unaudited. 2. Basis of preparation The Interim Report has been prepared in accordance with International Financial Reporting Standards and on the basis of the accounting policies set out in the statutory accounts for the year ended September 30, 2006. 3. Net Asset Value and Investment at March 31, 2007 During the period under review, the local equity portfolio posted a gain of 39.6% against 39.4% and 45.1% for the SEMDEX and SEM-7 respectively. On the other hand, the foreign equity portfolio gained 11.4% compared to +10.3% in rupee terms for the MSCI World. Overall, Net Asset Value increased by 15.6% to Rs40.48, with investments in equities, fixed-income securities and investment property representing respectively 75.2%, 21.0% and 3.8% on average, of the total portfolio during the period under review. The share price of the company closed at Rs38.00 on March 31, 2007 compared to an opening price of Rs30.70 in October 2006 representing an increase of 23.8%. 4. Sale of Investment Property The property at 4th Floor Travel House has been disposed of after 31 March 2007. By order of the Board Reena Kowlessur Company Secretary June 20, 2007 Investment Manager Cim Asset Management Ltd, 6th. Floor Les Cascades, Edith Cavell Street, Port Louis Transfer Secretaries Mauritius Computing Services Ltd, 18 Edith Cavell Street, Port Louis Copies of the interim report are available free of charge at the registered office of the company. This interim report is issued pursuant to Listing Rule 12.21. The Board of Directors of Liberty Investment Trust Ltd accepts full responsibility for the accuracy of the information contained in the interim report.
NOTES
1.  The financial information set out above for the year ended September 30, 2003 are audited.
2. Basis of preparation
International accounting standards are being applied in full for the first time .  Where necessary comparative
figures have been amended to conform with change in presentation in the current year.  
3. Investment in securities
a) Available for sale securities
Available for sale investments are measured at subsequent reporting dates at fair value.  Unrealised gains or
losses on such securities are recognised directly in equity,  until the security is disposed of or found to be impaired
at which time the cumulative gain or loss previously recognised in equity is included in the Income Statement  for the
period.  On disposal,  the profit or loss recognised in the Income Statement is the difference between the proceeds and
the carrying amount of the asset.
b) Held to maturity debt securities
Held to maturity securities are measured  at subsequent reporting dates at amortised cost.
4. Investment Property
Investment property,  which is property held to earn rentals is stated at fair value at the balance sheet date.  Gains or 
losses arising from changes in fair vaue of investment property are included in the net profit or loss for the period in
which they arise.
5. Copies of the abridged audited financial statement are available free of charge at the Registered Office.
 FINANCIAL COMMENTARY FOR YEAR ENDED 30 SEPTEMBER 2003
INVESTMENTS AND NET ASSET VALUE AT 30 SEPTEMBER 2003
Net Asset Value per share has increased to Rs 20.55 from a restated opening NAV of Rs 17.35.  This represents an increase of 18.4% for the year against a Semdex performance of +30.2% and the SEM 7 of +32.5%.  
INCOME
Net income before tax increased by 24.2% to Rs 4.66m while earnings per share amounted to Rs 0.88 (2002-Rs 0.70).  Earnings per share are up 25.7% for the year.  
By order of the board
Aruna Radhakeesoon Registered Office
Secretary Rogers House,
5 President John Kennedy St
xx December 2003 Port Louis, Mauritius
Investment Manager Transfer Secretaries
Tomfin Asset Management Ltd Mauritius Computing Services Ltd,
18 Edith Cavell Street
ss=xl146> Investment in securities